BP reports profit of $1.79 Billion in Q3

Wednesday, 03 November 2010, 06:20 IST
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London: British energy major BP swung into a profit of $1.79 billion for the three months ended September 30, driven by robust operating performance across all segments. Burdened by spiralling costs related to the Mexican Gulf oil spill, BP incurred its largest ever loss of $17.15 billion in the June quarter. BP, which came under severe criticism in the aftermath of oil spill in April, today announced a third-quarter profit on the back of "strong operating performance across the group". The good showing came despite the entity's oil spill related expenses jumping by $7.7 billion to $39.9 billion. The third-quarter profit came on revenues of $74.65 billion. "These results demonstrate that BP is well on track for recovery after the tragic accident on the Deepwater Horizon drilling rig and subsequent oil spill. We have made good progress during the quarter," BP Group chief executive Robert Dudley said in a statement. In 2009 September quarter, BP had a profit of $5.34 billion. BP's Refining and Marketing business saw good quarterly results, with refining availability remaining high and petrochemicals maintaining high production and utilisation rates, the statement noted. The firm had cash worth $13 billion at the end of third quarter. "The previously-announced divestment programme was making good progress, with sales agreements in place totalling around $14 billion compared with a target of $25 to 30 billion by the end of 2011. Stressing that its financial condition is improving, BP said the board intends to review future dividends with the full-year results in early 2011. The devastating oil spill not only pushed BP into the red but also resulted in drastic management changes, that saw Dudley replaced incumbent Tony Hayward has CEO in October.
Source: PTI
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